Capital gains
This query is : Resolved
24 April 2013
I recieved allotment for a under construction property in Feb 2010, under construction linked plan.
I sold this property in April 2013, more than three years after allotment, but before taking posession. As such, I believe my gain should be "long term".
However, as the property was bought in construction linked plan, some payments were made in 2011 and 2012- it hasnt been three years since.
Could you pls tell me if my gain on the property is long term or short term?
Thanks
I sold this property in April 2013, more than three years after allotment, but before taking posession. As such, I believe my gain should be "long term".
However, as the property was bought in construction linked plan, some payments were made in 2011 and 2012- it hasnt been three years since.
Could you pls tell me if my gain on the property is long term or short term?
Thanks
24 April 2013
Long term capital gain will arise in such transaction. Time to be seen from the date the right to receive the property was acquired till the date it is transferred. calculate the indexed cost of payment as the purchase consideration.
24 April 2013
Thanks so much.
Is there any clause or case law I can refer to that clearly explains that this will be a long term gain?
Your help is much appreciated!
Is there any clause or case law I can refer to that clearly explains that this will be a long term gain?
Your help is much appreciated!
25 April 2013
Dear Experts,
Any thoughts on this?
Any Section/ Clause/ Case Law I can refer to that confirms that term (long/ short) is to be calculated from the date of allotment letter and not seperately for each payment made under the construction linked plan (in which case some payments may be long term and some may be short term)?
Thanks
Any thoughts on this?
Any Section/ Clause/ Case Law I can refer to that confirms that term (long/ short) is to be calculated from the date of allotment letter and not seperately for each payment made under the construction linked plan (in which case some payments may be long term and some may be short term)?
Thanks
30 April 2013
any thoughts on this?
thanks
thanks
30 April 2013
any thoughts on this?
Thanks
Thanks
08 June 2013
The moment you have been allotted the flat you are the right of ownership provided you have paid the consideration. Hence, if you sale after 3 years you have to either purchase a new property and if value is less then 54EC by depositing the money in bonds or you can avail 54F
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- ITC temporary reversal and reclaim
- TDS U/S. 194NF
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Import license renewal
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
